Godleman has been rewarded a new deal following an impressive start to the new season which has seen the opener hit 235 runs in three fixtures at an average of 47, including three half-centuries.
The former England U19 international, who joined Derbyshire in 2013, has featured in 90 career first-class fixtures scoring 4,382 runs and hitting six centuries with a top score of 130.
The 26-year-old has also featured heavily in the one-day arena and enjoyed a standout 2014 Royal London One-Day Cup campaign with the Falcons, scoring 264 runs at an average of 38 with a high score of 96.
Graeme Welch, Elite Performance Director, said: “Billy is currently playing the best cricket of his life. He has done everything we have asked of him during the winter and he’s now reaping the benefits.
“He has put in the hard work and continues to improve both as a cricketer and as a person. He’s become a leader amongst the team and we hope his form can continue.”